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HSBC offers cryptocurrency services in Hong Kong

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HSBC offers cryptocurrency services in Hong Kong
UK-based banking and financial services organisation HSBC has introduced a series of cryptocurrency services in Hong Kong.

 

Specifically, independent reports cited by cointelegraph.com revealed that HSBC is now allowing its users to buy and sell Bitcoin as well as Ether-based exchange-traded funds (ETFs). The report further details that HSBC will offer cryptocurrency ETFs listed on the Stock Exchange of Hong Kong. The main goal of this move is to provide more access to cryptocurrencies to local users. 

According to scmp.com, as of March 2022, HSBC Hong Kong had 1.7 million active mobile customers and around 95% of all HSBC retail transactions in Hong Kong are reportedly processed online. These new cryptocurrency services come in the context of HSBC’s Virtual Asset Investor Education Centre launch. This project was designed to offer protection for investors by informing them about the potential risks and requiring them to read and confirm educational materials and risk disclosures before committing to an investment. 

Cointelegraph previously reported that the central bank of Hong Kong inquired a series of major banks such as HSBC on why they are not accepting crypto exchanges as clients. In addition, the Hong Kong Monetary Authority has reportedly asked banks such as HSBC and Standard Chartered to accept crypto exchanges as clients. 

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The news came in the context of a previous circular issued by the HKMA, which urged financial institutions to keep a closer eye on new market developments and become more open to new sectors such as the crypto market.

 

 

Other HSBC developments

HSBC has been following up on a strategy that involves exiting less profitable businesses around the world and focusing on expanding into several Asian markets. The process of shutting down these less profitable businesses is expected to happen in a gradual manner over the course of a few years. 

In June 2023, the bank has decided to shutter its wealth and personal banking business in New Zealand. HSBC representatives cited by Reuters talked about the changing operating requirements in the market and the scalability of its wealth and personal banking business in New Zealand. 

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In November 2022, HSBC announced the possible sale of its New Zealand business and revealed its plans to close 114 branches in the UK in an effort to increase returns. In May 2023, Reuters reported that HSBC was analysing the possibility of an exit from as many as a dozen countries, or one in five of the markets it operates in, all in a bid to gain momentum for its Asian expansion.

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Crypto

Ripple Highlights Transatlantic Initiative as Blueprint for Global Crypto Regulation

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Ripple Highlights Transatlantic Initiative as Blueprint for Global Crypto Regulation
A groundbreaking transatlantic initiative is fueling institutional blockchain adoption, spotlighting stablecoins, tokenized assets, regulatory alignment, and cross-border finance, with Ripple positioned to shape global standards and accelerate digital growth.
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Crypto

Texas brothers charged in cryptocurrency kidnapping, robbery in MN

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Texas brothers charged in cryptocurrency kidnapping, robbery in MN

A Washington County family was reportedly kidnapped and held hostage at gunpoint for hours by two Texas brothers who ultimately took more than $72,000 in cryptocurrency. 

Raymond Christian Garcia, 23, and Isiah Angelo Garcia, 24, were each charged via warrant with three counts of kidnapping, three counts of first-degree burglary, and one count of first-degree aggravated robbery for their alleged roles.

The incident led to the Washington County Sheriff’s Office issued a shelter in place order while they searched for the suspects. The incident ultimately led to the cancellation of a high school homecoming football game in Mahtomedi.

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Home invasion and cryptocurrency theft

The backstory:

According to the criminal complaint, a 911 call was received at approximately 4:45 p.m. on Sept. 19 from someone in Grant, Minnesota, stating that he and his family had been kidnapped and were being held hostage at gunpoint in their home. 

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The complaint details that on Sept. 19, a man was taking out the garbage at around 7:45 a.m. when the armed brothers allegedly forced him back into the garage and bound his hands with zip ties. The men then woke up the two other people in the house, also binding them. 

Raymond Garcia is accused of holding the 911 caller and his mother hostage for nine hours while armed with an AR-15-style rifle. Police said the upstairs bedroom door was tied shut with wire and needed to be cut in order to free them, according to the complaint. 

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Meanwhile, Isiah Garcia, armed with a shotgun, allegedly forced the man to log into his cryptocurrency wallet and transfer over $36,000 to an unknown account, charges state. After learning of a separate crypto wallet kept at the family cabin in Jacobson, Minnesota, Isiah Garcia allegedly forced the man to drive three hours and transfer the additional cryptocurrency, valued at over $36,000.

According to the complaint, the victim believed some of his crypto account information had been leaked during a data breach. The charges note that the men were frequently on the phone with an “unknown third party who directed [them] to transfer the cryptocurrency.”

The victim inside the house called 911, and multiple squad cars passed Isiah Garcia as they were driving back from the cabin. Isiah Garcia then turned the truck around, parked, and fled on foot before discarding the shotgun in a nearby field, charges allege. 

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Raymond Garcia was seen on camera running out the back door of the home. During a search of the area, authorities recovered an AR-15 rifle in a suitcase located in the tree line behind the home, charges said.

Brothers arrested in Texas 

The investigation:

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According to the complaint, Isiah Garcia rented a car near Houston, Texas, on Sept. 16 and drove to Minnesota. The vehicle’s GPS data placed the car near the victim’s home and a motel in Roseville. On Sept. 21, Isiah Garcia was taken into custody while driving the same rental car in Texas. 

Raymond Garcia went to authorities on Sept. 22 to report that his AR-15 had been stolen in Waller, Texas. During a search of the brother’s home in the Waller area, authorities reportedly found a firearm box with a serial number matching the AR-15 recovered in Minnesota. 

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At the time the criminal complaints were filed, both men were in custody in Texas. 

The Source: This story uses previous FOX 9 reporting and information from a Washington County criminal complaint. 

Crime and Public SafetyWashington CountyTexas
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EU Enforcers Arrest 5 Over €100M Cryptocurrency Scam – Law360

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EU Enforcers Arrest 5 Over €100M Cryptocurrency Scam – Law360

By William Janes ( September 23, 2025, 2:12 PM BST) — Five people have been arrested on suspicion of carrying out a €100 million ($118 million) cryptocurrency fraud in a joint international operation by law enforcement agencies across Europe, a European Union law authority said Tuesday….

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